Further re. Acquisition
March 25 2003 - 1:01AM
UK Regulatory
RNS Number:1420J
Arlington Group PLC
25 March 2003
Arlington Group plc
Interests in Sentinel Business Services Group Limited
Arlington Group plc ("AGP") today announces that it expects to be repaid #4.56
million of its debt finance investment in Sentinel Business Services Group
Limited ("SBSG") following the disposal of Sentinel Secure Holdings Limited
("SSH") by SBSG to Recall Limited, trading as Recall Corporation.
On 24 February 2003, at the request of the Board of SBSG, Arlington appointed
Administrative Receivers to SBSG. On 21 March 2003, the receivers sold SBSG's
100% interest in Sentinel Secure Holdings Limited ("SSH") to Recall Limited
(trading as Recall Corporation). The proceeds of this disposal will be used by
the receivers of SBSG, inter alia, to repay creditors of SBSG including #4.56
million of the total amount outstanding to AGP under its secured loan agreements
with SBSG. As a condition of the disposal of SSH, AGP has provided Recall
Limited (trading as Recall Corporation) with certain warranties and indemnities
in respect of the business, assets and liabilities of SSH. AGP continues to hold
its equity shareholding in SBSG, which had a base cost of nil, but this holding
is not expected to realise any value.
25 March 2003
Information on SBSG and SSH:
SBSG is a holding company whose principal subsidiary is SSH. SSH operates out of
a 110,000 square feet purpose built facility in Greenwich, London and offers
high-end document and data storage services principally to the legal and
financial sectors.
In the eighteen months ended 31 October 2002 the audited accounts of SSH drawn
up to that date reported a a turnover of #5.0 million. Loss before tax on
ordinary activities for the eighteen-month period was #3.9m.
Information on Recall Corporation
Recall Corporation is a worldwide Information Management company headquartered
in Atlanta, Georgia, USA employing more than 3,000 people. Recall is a wholly
owned division of Brambles Industries Limited of Australia, which is listed on
both the London Stock Exchange and the Australian Stock Exchange (BIL).
This information is provided by RNS
The company news service from the London Stock Exchange
END
FURNKQKNFBKDNNB